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Trulia Prices High, But Rest of Wednesday’s IPOs More Mixed

Sep 20, 2012 9:27 am ET

By Chris Dietrich and David Benoit

Wednesday night’s IPO party had a bit of a mixed result.

Associated Press

Five IPOs priced their offerings last night, the first to come to market in more than a month. While the one the market anticipated most priced above expectations, two banks priced below expectations and a fifth offering delayed by a day.

The anticipated Trulia, a home-listings website operator, priced six million shares at $17, above its expected range of between $14 and $16. The deal is estimated to deliver net proceeds of $75.2 million.

The stock is slated to list on the New York Stock Exchange under the symbol TRLA. J.P. Morgan and Deutsche Bank led the offering while RBC Capital Markets Needham & Co. and William Blair & Co. were also on the deal.

But another real-estate company, Spirit Realty Capital, priced its IPO below expectations at $15 a share. The commercial real-estate company which buys stores that are leased to regional retail chains like Shopko Stores, AMC Theatres and Applebee’s, sold 29 million shares, raising $435 million in one of the biggest offerings since Facebook Inc. launched in May. But the company had last week said it hoped to price the deal between $16 and $18 a share.

Its offering was led by Morgan Stanley, Macquarie Capital, UBS, Deutsche Bank, and RBC Capital.

Demand was also firm for Susser Petroleum Partners LP, a wholesale distributor of motor fuels, which Wednesday priced 9.5 million limited partnership units for $20.50, near the top end its expected $19-$21 range.

The securities will begin trading under the symbol SUSP on the NYSE. Its offering was led by BofA-Merrill Lynch, Barclays, Wells Fargo and UBS Investment Bank.